DislikedBoth of these are trending down on all TFs, and consolidating tightly. There could shortly be a triple tap trade, or a breakout trade on one or the other.Ignored
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Trade What You See - Almost Naked Trading
- #1,402
- Oct 14, 2010 12:16pm Oct 14, 2010 12:16pm
Hi,
Lawgirl and Regular Participants
I have to start off with saying what a fantastic thread - I love the simplicity and logic behind this trading method. I have used it to relative success however I am still looking to improve, perhaps I should post my trades for others to either benefit from or for more experienced traders in this method to critque.
I took the following trade today which appeared to breakout in the correct direction but failed to reach my TP.
Trade - Short Position - USD/CAD (4 candle BO Trade)
Short USD/CAD - (UK time)
Entry - 0.99950
TP - 0.99672
SL -1.00224
http://i53.tinypic.com/kd8q54.jpg
Info
The trade was based on the 1 hour 4 candle BO setup with the following criteria met:
Break of the 4 candle low
All timeframes where displaying a short trend
The RSI was pointing towards 5 o'clock
The trade did go in the downwards direction but failed to hit my TP - I am aware there is alot of support around this area, perhaps I placed my TP too low - any views or advice would be greatly apprechiated.
Overall
There are alot of experienced and well respect members of FF here on this thread not forgeting the thread starter Lawgirl, to which im sure I can say on behalf of many on this thread has been outstanding and a complete honour to have here on the forum.
I hope in the up and coming weeks to not only improve upon my knowledge of this method but also to share my knowledge of the forex market and to help others who wish to follow such an insperational trader.
Many Thanks,
TheDell
Lawgirl and Regular Participants
I have to start off with saying what a fantastic thread - I love the simplicity and logic behind this trading method. I have used it to relative success however I am still looking to improve, perhaps I should post my trades for others to either benefit from or for more experienced traders in this method to critque.
I took the following trade today which appeared to breakout in the correct direction but failed to reach my TP.
Trade - Short Position - USD/CAD (4 candle BO Trade)
Short USD/CAD - (UK time)
Entry - 0.99950
TP - 0.99672
SL -1.00224
http://i53.tinypic.com/kd8q54.jpg
Info
The trade was based on the 1 hour 4 candle BO setup with the following criteria met:
Break of the 4 candle low
All timeframes where displaying a short trend
The RSI was pointing towards 5 o'clock
The trade did go in the downwards direction but failed to hit my TP - I am aware there is alot of support around this area, perhaps I placed my TP too low - any views or advice would be greatly apprechiated.
Overall
There are alot of experienced and well respect members of FF here on this thread not forgeting the thread starter Lawgirl, to which im sure I can say on behalf of many on this thread has been outstanding and a complete honour to have here on the forum.
I hope in the up and coming weeks to not only improve upon my knowledge of this method but also to share my knowledge of the forex market and to help others who wish to follow such an insperational trader.
Many Thanks,
TheDell
- #1,403
- Edited 1:55pm Oct 14, 2010 1:24pm | Edited 1:55pm
- Joined Dec 2009 | Status: Trader | 6,603 Posts
- #1,408
- Oct 14, 2010 4:11pm Oct 14, 2010 4:11pm
Hi Lawgirl,
Thankyou very much for your promopt informative response, I am glad to hear that my analysis and understanding of your method is correct and I look forward to implementing it in as successful way as yourself!
I absolutely agree that you should never let a winning trading turn into a looser, however I set this trade as a limit order with a predefined TP and SL.
I am currently embarking on a new business venture so can only apply a few hours just before London open (I usually analysis pairs and place limit orders around 4am UK time).
From having read this thread from page 1 I understand that you also set a lot of limit orders for trades - how do you implement these successfully? Perhaps you just more accurate at setting TP and SL than me!
Many Thanks,
TheDell
Thankyou very much for your promopt informative response, I am glad to hear that my analysis and understanding of your method is correct and I look forward to implementing it in as successful way as yourself!
I absolutely agree that you should never let a winning trading turn into a looser, however I set this trade as a limit order with a predefined TP and SL.
I am currently embarking on a new business venture so can only apply a few hours just before London open (I usually analysis pairs and place limit orders around 4am UK time).
From having read this thread from page 1 I understand that you also set a lot of limit orders for trades - how do you implement these successfully? Perhaps you just more accurate at setting TP and SL than me!
Many Thanks,
TheDell
- #1,409
- Oct 14, 2010 4:37pm Oct 14, 2010 4:37pm
- | Commercial User | Joined Apr 2007 | 8,331 Posts
Here is an invaluable tool when studying the charts. Flicking from chart to chart, or from tf to tf, there can be a delay before the platform receives a tick that updates the display.
Unxip mt4.ticker.exe to your desktop and run it every time you want to run through the charts to check on setups/triggers etc. It sends a tick to your platform every half-second or so and keeps the charts up to date as you look through them.
It is a bit of a resource hog, so I only have it running when I need it.
Unxip mt4.ticker.exe to your desktop and run it every time you want to run through the charts to check on setups/triggers etc. It sends a tick to your platform every half-second or so and keeps the charts up to date as you look through them.
It is a bit of a resource hog, so I only have it running when I need it.
- #1,410
- Edited 5:21pm Oct 14, 2010 5:03pm | Edited 5:21pm
- | Commercial User | Joined Apr 2007 | 8,331 Posts
I have made a shed-load of pips today - demo as I am just finding my way.
Attached is a pic of the latest setup I am waiting to trigger a trade. Looks good to me.
Attached is a pic of the latest setup I am waiting to trigger a trade. Looks good to me.
- #1,411
- Oct 14, 2010 5:34pm Oct 14, 2010 5:34pm
- Joined Dec 2009 | Status: Trader | 6,603 Posts
I have made a shed-load of pips today - demo as I am just finding my way.
Attached is a pic of the latest setup I am waiting to trigger a trade. Looks good to me.
EURJPY has mixed directions. Usually by this late in the week we want to see a very solid direction on the weekly. What I see is weak.
- #1,413
- Oct 14, 2010 5:48pm Oct 14, 2010 5:48pm
- | Commercial User | Joined Apr 2007 | 8,331 Posts
I just completed a quick scan of pairs and found only two with confirmation of direction on weekly, daily and H4 TFs:
GBPUSD - long
EURAUD - long
Does anyone see anything differently?
- #1,415
- Edited 6:13pm Oct 14, 2010 6:12pm | Edited 6:13pm
I just completed a quick scan of pairs and found only two with confirmation of direction on weekly, daily and H4 TFs:
GBPUSD - long
EURAUD - long
Does anyone see anything differently?
The pair is bouncing (D1) inside a channel (aprox 200 pips high) since beginning of September.
The day is still young, so I would normally not enter until I see a clear PA, but for the sake of "feeling" this strategy I have opened a long position on demo. Waiting...
